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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 51A
Amounts in trust account unavailable for trustee’s debts
51A Amounts in trust account unavailable for trustee’s debts
(1) An amount paid, or required to be paid, into a trust account under this
chapter can not be— (a) used to recover a debt owed to a creditor of the
trustee; or
(b) attached or taken in execution under a court order or process
for the benefit of a creditor of the trustee.
(2) Subsection (1) — (a)
applies in relation to the trustee, whether in the capacity of trustee or
otherwise; and
(b) ceases to apply to an amount once lawfully withdrawn from
the trust account; and
(c) does not apply to the extent it would interfere
with the right of a beneficiary under this Act.
(3) In this section—
"beneficiary" , of a trust account, does not include a beneficiary who is also
the trustee for the account.
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